“Bill Shorten and the Labor Party are planning to rip money from the pockets of pensioners, retirees and low-income earners to pay for its budget black hole,” Federal Member for Pearce, Christian Porter said today.

Labor has announced they will abolish tax refunds for share dividends if elected. This means that if you receive the pension, are on a low-income or have a small self-managed superannuation account, you will no longer get a refund from the Australian Tax Office for tax already paid on your shares.

“Labor’s double tax on company profits will hit more pensioners, retirees and low-income earners in Pearce than any other group,” Mr Porter said.

“Labor’s policy hits older Australians particularly hard, as more than half of franking credit refunds were paid to individuals over the age of 65.

“These Australians have worked hard, taken responsibility and saved for their retirement.”

Bill Shorten and the Labor Party have dealt a cruel blow to older Australians with this plan and are slugging them to pay for their unsustainable spending spree.

“Share ownership is for everyone - tax refunds from share dividends help relieve cost of living pressures for many retirees and people on low incomes,” Mr Porter said.

“That is why the Liberal Government is committed to keeping tax refunds for franking credits.

“The Liberal Government stands for fairness, opportunity and security. Our plan is to keep taxes as low as they can be, while guaranteeing the essentials to reduce cost of living pressures for all Australians.”

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